RAMIRENT PLC INTERIM REPORT 11.11.2009 AT 9:00 AM
RAMIRENT'S JANUARY-SEPTEMBER 2009: CONTINUED STRONG CASH FLOW IN A DIFFICULT
ENVIRONMENT
Note! Figures in brackets, unless otherwise stated, refer to the same period a
year earlier.
JANUARY-SEPTEMBER HIGHLIGHTS
- Net sales decreased by 29.0% to EUR 376.3 (530.1) million; -22.4% at constant
currency
- Operating profit of EUR 32.4 (99.4) million with a margin of 8.6% (18.8%)
- Net profit of EUR 14.0 (61.6) million and EPS of EUR 0.13 (0.57)
- Gross capital expenditure was EUR 10.0 (204.5) million
- Operative cash flow after investments of EUR 68.1 (-59.5) million
- Net debt decreased to EUR 230.0 (362.4) million
- Gearing decreased to 73.8% (105.7%) from 107.8% at year-end 2008
THIRD QUARTER HIGHLIGHTS
- Net sales decreased by 30.8% to EUR 129.5 (187.2) million
- Operating profit of EUR 11.7 (34.4) million with a margin of 9.0% (18.4%)
- Net profit of EUR 5.0 (20.4) million and EPS of EUR 0.05 (0.19)
- Operative cash flow after investments of EUR 22.4 (25.2) million
2009 OUTLOOK
In spite of challenging market conditions, Ramirent expects a continued healthy
cash flow generation also in the fourth quarter. However, in terms of
operational profit, the fourth quarter is expected to be the weakest quarter in
2009.
--------------------------------------------------------------------------------
| (EUR million) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/0 | Change | 1-12/08 |
| | | | | 8 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 129.5 | 187.2 | 376.3 | 530.1 | -29.0% | 702.6 |
--------------------------------------------------------------------------------
| Operating | 37.3 | 60.2 | 103.7 | 172.3 | -39.8% | 188.8 |
| profit before | | | | | | |
| depreciation | | | | | | |
| (EBITDA) | | | | | | |
--------------------------------------------------------------------------------
| Operating | 11.7 | 34.4 | 32.4 | 99.4 | -67.4% | 79.7 |
| profit (EBIT) | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 9.0% | 18.4% | 8.6% | 18.8% | | 11.3% |
--------------------------------------------------------------------------------
| Profit before | 7.6 | 27.1 | 19.9 | 83.5 | -76.1% | 50.7 |
| taxes (EBT) | | | | | | |
--------------------------------------------------------------------------------
| Net profit for | 5.0 | 20.4 | 14.0 | 61.6 | -77.3% | 33.7 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.05 | 0.19 | 0.13 | 0.57 | -77.4% | 0.31 |
| share (EPS), | | | | | | |
| (diluted), EUR | | | | | | |
--------------------------------------------------------------------------------
| Return on | | | 6.4% | 24.4% | | 17.5% |
| invested | | | | | | |
| capital (ROI), | | | | | | |
| % 1) | | | | | | |
--------------------------------------------------------------------------------
| Net debt | | | 230.0 | 362.4 | -36.5% | 303.0 |
--------------------------------------------------------------------------------
| Gearing, % | | | 73.8% | 105.7 | | 107.8% |
| | | | | % | | |
--------------------------------------------------------------------------------
| Equity ratio, % | | | 45.2% | 39.1% | | 37.4% |
--------------------------------------------------------------------------------
| Gross capital | 2.7 | 32.4 | 10.0 | 204.5 | -95.1% | 201.3 |
| expenditure | | | | | | |
--------------------------------------------------------------------------------
| Operative cash | 22.4 | 25.2 | 68.1 | -59.5 | | 7.0 |
| flow after | | | | | | |
| investments | | | | | | |
--------------------------------------------------------------------------------
| Personnel at | | | 3,177 | 4,037 | -21.3% | 3,894 |
| end of period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1) The figures are calculated on a rolling twelve month basis. |
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MAGNUS ROSÉN, RAMIRENT CEO:
"Market conditions continued to be weak in the third quarter. Our primary focus
continued to be on right-sizing operations and safeguarding profitability. Our
cost saving initiatives advanced according to plan and we continued to
right-size and re-allocate our rental fleet. In the current economic
environment, it is satisfying to see that we were able to deliver a healthy cash
flow and improve our financial position also in the third quarter.
We estimate that the fourth quarter 2009 and the full year 2010 will be
challenging. Our priorities in the current market remain on cost and cash flow
management as well as preparing for capturing opportunities in the recession."
RAMIRENT'S JANUARY - SEPTEMBER 2009 INTERIM REPORT
MARKET REVIEW
During the review period, the market situation weakened further in our markets.
Construction activity slowed further in the Baltic States as well as in Ukraine
and in Russia. In the Nordic region, the Danish and Norwegian markets remained
silent, and signs of a continued contraction were seen in Finland and Sweden.
The building construction output contracted in Czech Republic and Slovakia, and
also in Poland in the third quarter, while civil engineering continued to grow.
In Hungary, the recession continued and construction activity remained on a low
level. In all Ramirent countries, low visibility and high uncertainty continued
due to the global economic slowdown.
NET SALES
Ramirent's January-September 2009 net sales decreased 29.0% to EUR 376.3 (530.1)
million due to declining construction activity and weakening in the Group's
major operational currencies. At constant currency, Group net sales would have
decreased 22.3%. Net sales decreased in all segments especially in Europe East
compared to the corresponding period previous year. Net sales by segment were as
follows:
--------------------------------------------------------------------------------
| (EUR million) | 7-9/0 | 7-9/0 | Change | 1-9/09 | 1-9/08 | Change | 1-12/08 |
| | 9 | 8 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | | | | |
--------------------------------------------------------------------------------
| Finland | 41.2 | 42.9 | -3.9% | 103.8 | 115.6 | -10.2% | 154.4 |
--------------------------------------------------------------------------------
| Sweden | 30.8 | 42.1 | -27.0% | 95.4 | 129.2 | -26.1% | 171.4 |
--------------------------------------------------------------------------------
| Norway | 26.5 | 36.8 | -28.0% | 80.6 | 112.4 | -28.3% | 145.9 |
--------------------------------------------------------------------------------
| Denmark | 10.5 | 14.0 | -24.7% | 33.4 | 42.7 | -21.8% | 59.0 |
--------------------------------------------------------------------------------
| Europe East | 18.9 | 25.6 | -26.1% | 40.1 | 69.0 | -41.8% | 89.9 |
--------------------------------------------------------------------------------
| Europe | 18.2 | 27.4 | -33.6% | 48.6 | 65.0 | -25.2% | 88.7 |
| Central | | | | | | | |
--------------------------------------------------------------------------------
| Eliminations | -16.6 | -1.5 | | -25.6 | -3.8 | | -6.7 |
| between | | | | | | | |
| segments | | | | | | | |
--------------------------------------------------------------------------------
| Net sales, | 129.5 | 187.2 | -30.8% | 376.3 | 530.1 | -29.0% | 702.6 |
| total | | | | | | | |
--------------------------------------------------------------------------------
FINANCIAL RESULT
Operating profit before depreciation (EBITDA) was EUR 103.7 (172.3) million with
a margin of 27.6% (32.5%). Profitability was burdened by the rapid drop in
sales. Fixed costs were -29.0% lower year on year. The net of reversal of
restructuring provisions and increased provisions for new restructuring actions
totalled EUR +2.5 million. The Group's operating profit (EBIT) was EUR 32.4
(99.4) million representing a margin of 8.6% (18.8%). Depreciations amounted to
EUR 71.3 (72.9) million. Actual credit losses and change in bad debt provisions
totalled EUR -2.5 million.
Third quarter EBITDA-margin was 28.8% (32.2%) which was an improvement compared
to the second quarter 2009 reflecting further implementation of cost saving
actions. Ramirent third quarter EBIT-margin was 9.0% (18.4%).
Operating profit and margin by segment were as follows:
--------------------------------------------------------------------------------
| (EUR million) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | | | |
--------------------------------------------------------------------------------
| Finland | 6.3 | 11.3 | 12.1 | 27.6 | 30.5 |
--------------------------------------------------------------------------------
| % of net sales | 15.3% | 26.3% | 11.6% | 23.9% | 19.8% |
--------------------------------------------------------------------------------
| Sweden | 4.4 | 8.9 | 16.6 | 28.2 | 29.9 |
--------------------------------------------------------------------------------
| % of net sales | 14.3% | 21.0% | 17.4% | 21.8% | 17.4% |
--------------------------------------------------------------------------------
| Norway | 2.3 | 6.2 | 8.2 | 20.9 | 15.1 |
--------------------------------------------------------------------------------
| % of net sales | 8.6% | 16.8% | 10.1% | 18.6% | 10.4% |
--------------------------------------------------------------------------------
| Denmark | -0.3 | 0.7 | 0.1 | 3.1 | 0.7 |
--------------------------------------------------------------------------------
| % of net sales | -2.8% | 4.7% | 0.2% | 7.4% | 1.1% |
--------------------------------------------------------------------------------
| Europe East | -2.0 | 3.6 | -8.6 | 11.5 | -1.4 |
--------------------------------------------------------------------------------
| % of net sales | -10.4% | 14.1% | -21.4% | 16.6% | -1.5% |
--------------------------------------------------------------------------------
| Europe Central | 1.6 | 4.7 | 3.8 | 8.2 | 8.4 |
--------------------------------------------------------------------------------
| % of net sales | 8.6% | 17.2% | 7.9% | 12.6% | 9.5% |
--------------------------------------------------------------------------------
| Costs not allocated | -0.6 | -0.8 | 0.3 | -0.1 | -3.5 |
| to segments | | | | | |
--------------------------------------------------------------------------------
| Group operating | 11.7 | 34.4 | 32.4 | 99.4 | 79.7 |
| profit | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 9.0% | 18.4% | 8.6% | 18.8% | 11.3% |
--------------------------------------------------------------------------------
The net financial items were EUR -12.5 (-15.9) million in the review period and
the Group's profit before taxes was EUR 19.9 (83.5) million. The net profit for
the review period was EUR 14.0 (61.6) million. Earnings per share were EUR 0.13
(0.57). The return on invested capital was 6.4% (24.4%) and the return on equity
was -4.2% (28.6%).
CAPITAL EXPENDITURE, CASH FLOW AND FINANCIAL POSITION
The Group's gross capital expenditure on non-current assets totalled EUR 10.0
(204.5) million, of which EUR 8.5 (168.9) million was attributable to
investments in machinery and equipment.
Disposals of tangible non-current assets at sales value were EUR 16.1 (20.1)
million, of which EUR 15.4 (18.1) million was attributable to machinery and
equipment.
For the first nine months, the Group's cash flow from operating activities
amounted to EUR 79.5 (127.9) million. Cash flow from investing activities
amounted to EUR -11.4 (-187.4) million. Cash flow from operating and investing
activities totalled to EUR 68.1 (-59.5) million.
Presentation of the cash flow statement has been changed to meet the new
requirement in IAS 7. Therefore the cash flows from sale of machinery and
equipment in rental use is presented in cash flow from operating activities.
Earlier practice in Ramirent Group was to present these cash flows in cash flow
from investing activities. All presented periods have been changed to meet the
new requirement.
For the first nine months, cash flow from operating activities included cash
flow from sale of machinery and equipment in rental use EUR 15.4 (18.1) million.
Ramirent's interest-bearing liabilities totalled EUR 231.8 (364.6) million. Net
debt amounted to EUR 230.0 (362.4) million at the end of the review period.
Gearing decreased from 107.8% at the year end 2008 to 73.8% (105.7%).
On 30 September 2009, Ramirent had unused committed back-up loan facilities
available of EUR 201.4 million.
Total assets amounted to EUR 689.6 (877.0) million. Group equity totalled EUR
311.8 (342.8) million. The Group's equity ratio was 45.2% (39.1%).
PERSONNEL AND OUTLET NETWORK
--------------------------------------------------------------------------------
| | Employees | Outlets |
--------------------------------------------------------------------------------
| | 30 Sept | 30 Sept | 30 Sept | 30 Sept |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Finland | 612 | 731 | 79 | 95 |
--------------------------------------------------------------------------------
| Sweden | 530 | 656 | 58 | 56 |
--------------------------------------------------------------------------------
| Norway | 552 | 665 | 40 | 40 |
--------------------------------------------------------------------------------
| Denmark | 184 | 249 | 21 | 19 |
--------------------------------------------------------------------------------
| Europe East | 399 | 672 | 45 | 52 |
--------------------------------------------------------------------------------
| Europe Central | 885 | 1,040 | 101 | 99 |
--------------------------------------------------------------------------------
| Group administration | 15 | 24 | | |
--------------------------------------------------------------------------------
| Total | 3,177 | 4,037 | 344 | 361 |
--------------------------------------------------------------------------------
COST SAVING AND CASH FLOW GENERATING MEASURES
The cost saving program targeting fixed cost savings of at least EUR 50 million
in 2009 is progressing according to plan.
At the end of the third quarter, the Group's workforce had decreased by 860
persons to 3,177 persons and fixed costs were at a 29.0% lower level compared to
the level in the third quarter of 2008. The Group's headcount is expected to be
around 3,100 persons at year-end 2009.
Cash flow generating measures focus on maintaining a restrictive capital
expenditure regime and tightly managing working capital and credit control.
Contingency plans have been developed for each country to be able to act rapidly
upon further market decline.
DEVELOPMENT BY OPERATING SEGMENT
Ramirent has adopted IFRS 8 (Operating segments) as of 1 January, 2009. The
specification of assets by operating segment is presented in the notes to the
interim financial report.
Finland
In Finland, net sales decreased -10.2% to EUR 103.8 (115.6) million. The
operating profit (EBIT) was EUR 12.1 (27.6) million representing a margin of
11.6% (23.9%). Third quarter net sales declined -3.9% to EUR 41.2 (42.9) million
with an operating margin of 15.3% (26.3%). Third quarter net sales includes EUR
6.4 million sales originating from relocation of fleet. Corrected for this third
quarter net sales decreased -18.9% and the operating margin was 17.3%. Demand
was weak especially in Northern and Southern parts of Finland. Renovation work
has partly compensated for the rapid decline in new building construction. The
demand for rental equipment from shipyards and industrial plants remained
stable. Profitability weakened due to the decline in sales and restructuring
costs.
Sweden
In Sweden, net sales decreased 26.1% to EUR 95.4 (129.2) million or -15.9% at
constant currency. The operating profit (EBIT) was EUR 16.6 (28.2) million
representing a margin of 17.4% (21.8%). Third quarter net sales declined 26.8%
to EUR 30.8 (42.1) million with an operating margin of 14.3% (21.0%). In the
quarter, the contract with long-term customer NCC was renewed. Signs of
contraction that started in Southern Sweden were seen to spread into Western and
Central Sweden. Profitability weakened due to the decline in sales and
restructuring costs.
Norway
In Norway, net sales decreased 28.3% to EUR 80.6 (112.4) million or -20.7% at
constant currency. The operating profit (EBIT) was EUR 8.2 (20.9) million
representing a margin of 10.1% (18.6%). Third quarter net sales decreased -28.0%
to EUR 26.5 (36.8) million with an operating margin of 8.6% (16.8%). Signs of
contraction were seen throughout the country. Profitability was burdened by
intensified price competition in certain product areas. The full impact of
ongoing cost savings are gradually materialising in accordance to plan.
Denmark
In Denmark, net sales decreased 21.8% to EUR 33.4 (42.7) million. The operating
profit (EBIT) was EUR 0.1 (3.1) million representing a margin of 0.2% (7.4%).
Third quarter net sales decreased 24.7% to EUR 10.5 (14.0) million with an
operating margin of -2.8% (4.7%). The slowdown in Danish construction activity
continued. The intense price competition in the fragmented equipment rental
market continued to burden profitability.
Europe East
In Europe East (Russia, Estonia, Latvia, Lithuania and Ukraine), net sales
decreased 41.8% to EUR 40.1 (69.0) million or -36.2% at constant currency. The
operating profit (EBIT) was EUR -8.6 (11.5) million representing a margin of
-21.4% (16.6%). Third quarter net sales declined 26.1% to EUR 18.9 (25.6)
million with an operating margin of -10.6% (14.1%). Net sales decreased further
throughout all Europe East countries reflecting challenging market conditions.
Profitability was burdened by the rapid decline in sales volume as well as lower
price levels. The restructuring of the Baltic operations advanced according to
plan.
Europe Central
In Europe Central (Poland, Hungary, the Czech Republic and Slovakia), net sales
decreased 25.2% to EUR 48.6 (65.0) million or -9.2% at constant currency. The
operating profit (EBIT) was EUR 3.8 (8.2) million representing a margin of 7.9%
(12.6%). Third quarter net sales declined -33.6% to EUR 18.2 (27.4) million
while the operating margin rose to 8.8% (17.2%). Net sales decreased throughout
all Europe Central countries. To increase synergies and leverage on management
experience Slovakian and Czech operations will be headed by a joint management.
Profitability was burdened by intensified price competition in most product
groups.
SHARES
Trading in the share
Ramirent Plc's market capitalization at the end of the review period was EUR 829
(477) million. At the end of the review period trading closed at EUR 7.63
(4.39). The highest quotation for the period was EUR 8.23 (12.68), and the
lowest EUR 2.35 (4.14). The average trading price was EUR 4.47 (8.25).
The value of share turnover during the review period was EUR 225 (894) million
equivalent to 50,616,878 (109,270,757) traded Ramirent shares, i.e. 47% (101%)
of Ramirent's total number of shares.
Share capital and number of shares
At the end of the review period, Ramirent Plc's share capital was EUR 25,000,000
and the total number of Ramirent shares was 108,697,328.
Own shares
Ramirent Plc did not hold any of its own shares during the period under review.
CHANGES IN GROUP MANAGEMENT
Peter Dahlsten (51), M.Sc. (Econ.) was appointed Senior Vice President of Sweden
and Denmark and member of the Group Management team effective as of 7 September
2009. Before this appointment, Dahlsten was CFO of Ramirent's Swedish subsidiary
since 2004 when Ramirent acquired NCC's machine rental operations Altima.
Mikael Kämpe (41), B.Sc. (Eng.), was appointed as Director, Group Fleet and
member of the Group Management team as of 2 September 2009. He will be
responsible for managing Group fleet operations, sale of equipment, supplier
frame agreements and developing the standards for Ramirent's Pan-European fleet.
Kämpe previously held the position of Manager, Group Fleet since March 2009.
ESSENTIAL RISKS AFFECTING RAMIRENT'S OPERATIONS
Ramirent is subject to various business risks. Certain risk factors are deemed
to be of material importance to the future development of Ramirent. Risks are
evaluated in relation to achievement of the Company's financial and strategic
targets. Overall Ramirent expects that the risk exposure has increased due to
the turmoil in the financial markets and the economic cycle of the construction
markets.
The main risks affecting Ramirent's business operations, its profitability and
financial position are those connected with the economic cycles of the
construction industry and the increased competition in the rental sector in its
operating countries. The main risks are described in the annual report 2008.
MARKET AND RAMIRENT OUTLOOK
In spite of challenging market conditions, Ramirent expects a continued healthy
cash flow generation also in the fourth quarter. However, in terms of
operational profit, the fourth quarter is expected to be the weakest quarter in
2009.
Ramirent expects full year 2010 to remain very challenging and therefore
near-term priority remains on safeguarding profitability and cash flow in order
to amortize debt. Focus lies on cost saving actions, right-sizing the fleet and
re-allocating fleet between markets as well as keeping investments at a minimum
level. Contingency plans are in place to address the risk of further market
decline.
In the long-term the equipment rental sector continues to enjoy significant
strengths. Although a cyclical and capital-intensive sector, the business
remains cash generative and cash flow is reinforced by reduced investment
spending in a downturn. Our goal is to maintain market leading positions in the
countries where we are present and continue our long-term profitable growth,
both organically and through market consolidation activity, however, by
maintaining risk control.
FORWARD-LOOKING STATEMENTS
It should be noted that certain statements in this report, which are not
historical facts, including, without limitation, those regarding
expectations for general economic development and market situation;
regarding customer industry profitability and investment willingness; for
company growth, development and profitability; regarding cost savings; regarding
fluctuations in exchange rates and interest levels; regarding the success of
pending and future acquisitions and restructurings; and statements preceded by
"believes," "expects," "anticipates," "foresees" or similar expressions, are
forward-looking statements.
These statements are based on current expectations, and currently known facts.
Therefore, they involve risks and uncertainties, which may cause actual results
to materially differ from the results currently expected by the company.
SUMMARY FINANCIAL STATEMENTS AND NOTES
The interim financial statements have been prepared in accordance with
International Accounting Standards (IAS) 34 Interim Financial Reporting, as
adopted by the EU.
As of 1 January 2009 Ramirent applies the following new and revised standards:
IFRS 8 Operating Segments and IAS 1 Presentation of Financial Statements.
Otherwise the same Accounting Principles have been applied as in the 2008
Financial Statements. Key financial figure calculations remain unchanged and
have been presented in the 2008 Financial Statements.
INCOME STATEMENT
--------------------------------------------------------------------------------
| (EUR 1,000) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
| Net sales | 129,503 | 187,230 | 376,318 | 530,134 | 702,635 |
--------------------------------------------------------------------------------
| Other operating | 528 | 476 | 1,690 | 3,278 | 3,817 |
| income | | | | | |
--------------------------------------------------------------------------------
| Materials and | -40,958 | -54,264 | -113,492 | -153,599 | -208,186 |
| services | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | -32,838 | -43,940 | -97,633 | -130,682 | -176,372 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -25,556 | -25,784 | -71,307 | -72,876 | -109,107 |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Other operating | -18,975 | -29,284 | -63,177 | -76,841 | -133,074 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 11,703 | 34,434 | 32,398 | 99,415 | 79,713 |
--------------------------------------------------------------------------------
| Financial income | 3,711 | 4,645 | 14,098 | 9,314 | 22,658 |
--------------------------------------------------------------------------------
| Financial expenses | -7,772 | -12,023 | -26,566 | -25,247 | -51,713 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAXES | 7,642 | 27,057 | 19,930 | 83,483 | 50,658 |
--------------------------------------------------------------------------------
| Income taxes | -2,648 | -6,641 | -5,929 | -21,911 | -16,944 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
| Profit for the | |
| period attributable | |
| to: | |
--------------------------------------------------------------------------------
| Owners of the parent | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 |
--------------------------------------------------------------------------------
| Non-controlling | - | - | - | - | - |
| interests | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | 0.05 | 0.19 | 0.13 | 0.57 | 0.31 |
| (EPS), basic and | | | | | |
| diluted, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF | |
| COMPREHENSIVE INCOME | |
--------------------------------------------------------------------------------
| (EUR 1,000) | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET PROFIT FOR THE | 4,994 | 20,416 | 14,000 | 61,572 | 33,715 |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | |
| income: | |
--------------------------------------------------------------------------------
| Fair value adjustment | 142 | -1,686 | -290 | 342 | -3,885 |
| of interest rate SWAPs | | | | | |
--------------------------------------------------------------------------------
| Translation | 10,810 | -8,429 | 16,946 | -5,651 | -36,408 |
| differences | | | | | |
--------------------------------------------------------------------------------
| Income tax relating to | -37 | 438 | 75 | -89 | 1,010 |
| components of other | | | | | |
| comprehensive income | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | 10,915 | -9,677 | 16,731 | -5,398 | -39,283 |
| income for the year, | | | | | |
| net of tax | | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE | 15,909 | 10,739 | 30,732 | 56,174 | -5,568 |
| INCOME/EXPENSE FOR THE | | | | | |
| YEAR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | |
| income for the period | |
| attributable to: | |
--------------------------------------------------------------------------------
| Owners of the parent | 15,909 | 10,739 | 30,732 | 56,174 | -5,568 |
--------------------------------------------------------------------------------
| Non controlling | - | - | - | - | - |
| interests | | | | | |
--------------------------------------------------------------------------------
| Total | 15,909 | 10,739 | 30,732 | 56,174 | -5,568 |
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.2009 | 30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | |
--------------------------------------------------------------------------------
| Tangible assets | 477,396 | 597,828 | 528,780 |
--------------------------------------------------------------------------------
| Goodwill | 86,025 | 101,056 | 87,398 |
--------------------------------------------------------------------------------
| Other intangible assets | 6,045 | 3,949 | 6,986 |
--------------------------------------------------------------------------------
| Available-for-sale | 140 | 91 | 79 |
| investments | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | 10,095 | 5,273 | 6,117 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS, TOTAL | 579,700 | 708,198 | 629,359 |
--------------------------------------------------------------------------------
| CURRENT ASSETS | |
--------------------------------------------------------------------------------
| Inventories | 15,277 | 25,788 | 21,258 |
--------------------------------------------------------------------------------
| Trade and other receivables | 90,295 | 135,436 | 99,055 |
--------------------------------------------------------------------------------
| Income tax receivables on | 2,076 | 4,871 | 377 |
| the taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1,809 | 2,173 | 2,072 |
--------------------------------------------------------------------------------
| CURRENT ASSETS, TOTAL | 109,457 | 168,268 | 122,762 |
--------------------------------------------------------------------------------
| Non-current assets held for | 476 | 558 | 559 |
| sale | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 689,633 | 877,024 | 752,679 |
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
| (EUR 1,000) | 30.9.200 | 30.9.2008 | 31.12.2008 |
| | 9 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 25 000 | 25 000 | 25 000 |
--------------------------------------------------------------------------------
| Share premium fund | - | - | |
--------------------------------------------------------------------------------
| Free equity fund | 113 329 | 113 329 | 113 329 |
--------------------------------------------------------------------------------
| Translation differences | -16 562 | -2 751 | -33 508 |
--------------------------------------------------------------------------------
| Revaluation fund | -3 222 | 121 | -3 007 |
--------------------------------------------------------------------------------
| Retained earnings | 193 145 | 207 002 | 179 145 |
--------------------------------------------------------------------------------
| Items recognised directly to | 136 | 136 | 136 |
| equity on non-current assets | | | |
| held for sale | | | |
--------------------------------------------------------------------------------
| PARENT COMPANY SHAREHOLDERS' | 311 827 | 342 837 | 281 095 |
| EQUITY | | | |
--------------------------------------------------------------------------------
| Non-controlling interests | - | - | - |
--------------------------------------------------------------------------------
| EQUITY, TOTAL | 311 827 | 342 837 | 281 095 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 46 639 | 46 460 | 46 273 |
--------------------------------------------------------------------------------
| Pension obligations | 8 074 | 8 216 | 7 030 |
--------------------------------------------------------------------------------
| Provisions | 4 795 | 992 | 6 929 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 213 462 | 287 267 | 275 731 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES, | 272 971 | 342 935 | 335 962 |
| TOTAL | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | |
--------------------------------------------------------------------------------
| Trade payables and other | 70 391 | 90 002 | 81 445 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Provisions | 10 030 | 172 | 17 452 |
--------------------------------------------------------------------------------
| Income tax liabilities on | 6 095 | 23 762 | 7 401 |
| the taxable income for the | | | |
| financial period | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 18 319 | 77 315 | 29 325 |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES, TOTAL | 104 835 | 191 252 | 135 622 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES, TOTAL | 377 806 | 534 187 | 471 585 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 689 633 | 877 024 | 752 678 |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
A = Share Capital
B = Share Premium Fund
C = Free equity fund
D = Translation differences
E = Revaluation fund
F = Retained earnings
G = Entries on non-current assets held for sale
H = Non-controlling interest
I = Total equity
1) Equity 1.1.2008
2) Equity 30.9.2008
3) Equity 31.12.2008
4) Equity 30.9.2009
5) Reduction of share premium fund 1-9/2008
6) Change in minority (net) 1-9/2008
7) Dividend distribution 1-9/2008
8) Total comprehensive income for the period
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G | H | I |
--------------------------------------------------------------------------------
| 1 | 1168 | 126644 | - | 2900 | -132 | 199779 | 136 | 107 | 341119 |
| | 5 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5 | 1331 | -12664 | 11332 | - | - | - | - | - | - |
| | 5 | 4 | 9 | | | | | | |
--------------------------------------------------------------------------------
| 6 | - | - | - | - | - | - | - | -107 | -107 |
--------------------------------------------------------------------------------
| 7 | - | - | - | - | - | -54349 | - | - | -54349 |
--------------------------------------------------------------------------------
| 8 | - | - | - | -5651 | 253 | 61572 | - | - | 56174 |
--------------------------------------------------------------------------------
| 2 | 2500 | - | 11332 | -2751 | 121 | 207002 | 136 | - | 342837 |
| | 0 | | 9 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 8 | - | - | - | -30757 | -3128 | -27857 | - | - | -61742 |
--------------------------------------------------------------------------------
| 3 | 2500 | - | 11332 | -33508 | -3007 | 179145 | 136 | - | 281095 |
| | 0 | | 9 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 8 | - | - | - | 16946 | -215 | 14000 | - | - | 30732 |
--------------------------------------------------------------------------------
| 4 | 2500 | - | 11332 | -16562 | -3222 | 193145 | 136 | - | 311827 |
| | 0 | | 9 | | | | | | |
--------------------------------------------------------------------------------
CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities | 79.5 | 127.9 | 191.6 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | -11.4 | -187.4 | -184.6 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Borrowings / repayment of short-term debt | -10.6 | 3.5 | -39.4 |
--------------------------------------------------------------------------------
| Borrowings / repayment of long-term debt | -57.8 | 111.3 | 87.6 |
--------------------------------------------------------------------------------
| Dividends paid | - | -54.3 | -54.3 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | -68.4 | 60.5 | -6.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents | -0.3 | 1.0 | 0.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning | 2.1 | 1.2 | 1.2 |
| of the period | | | |
--------------------------------------------------------------------------------
| Translation difference on cash and cash | - | - | 0.1 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Net change in cash and cash equivalents | -0.3 | 1.0 | 0.7 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 1.8 | 2.2 | 2.1 |
| the period | | | |
--------------------------------------------------------------------------------
During the period 1-9/09 presentation of the cash flow statement have been
changed to meet the new requirement in IAS 7 that requires presenting the cash
flows from sale of machinery and equipment in rental use in cash flow from
operating activities. Earlier practice in Ramirent Group was to present these
cash flows in cash flow from investing activities. All presented periods have
been changed to meet the new requirement.
During the period 1-9/09 cash flow from operating activities included cash flow
from sale of machinery and equipment in rental use EUR 15.4 million. During the
period 1-9/08 cash flow from operating activities included cash flow from sale
of machinery and equipment in rental use EUR 18.1 million and EUR 23.1 million
during 1-12/08.
--------------------------------------------------------------------------------
| KEY FINANCIAL FIGURES | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
| Interest-bearing debt, (EUR | 231.8 | 364.6 | 305.1 |
| million) | | | |
--------------------------------------------------------------------------------
| Net debt, (EUR million) | 230.0 | 362.4 | 303.0 |
--------------------------------------------------------------------------------
| Invested capital (EUR million), end | 543.6 | 707.4 | 586.2 |
| of period | | | |
--------------------------------------------------------------------------------
| Return on invested capital (ROI), % | 6.4% | 24.4% | 17.5% |
| 1) | | | |
--------------------------------------------------------------------------------
| Gearing, % | 73.8% | 105.7% | 107.8% |
--------------------------------------------------------------------------------
| Equity ratio, % | 45.2% | 39.1% | 37.4% |
--------------------------------------------------------------------------------
| Personnel, average | 3,391 | 4,032 | 4,006 |
--------------------------------------------------------------------------------
| Personnel, end of period | 3,177 | 4,037 | 3,894 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments in non-current | 10.0 | 204.5 | 201.3 |
| assets (EUR million) | | | |
--------------------------------------------------------------------------------
| Gross investments, % of net sales | 2.7% | 38.6% | 28.7% |
--------------------------------------------------------------------------------
| The definitions of the key figures are in the Annual Report 2008. |
--------------------------------------------------------------------------------
| 1) The figures are calculated on a | |
| rolling twelve month basis. | |
--------------------------------------------------------------------------------
SHARE RELATED KEY FIGURES
--------------------------------------------------------------------------------
| | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EPS) weighted | 0.13 | 0.57 | 0.31 |
| average, diluted, EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS) weighted | 0.13 | 0.57 | 0.31 |
| average, non-diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of period, | 2.87 | 3.15 | 2.59 |
| diluted, EUR | | | |
--------------------------------------------------------------------------------
| Equity per share, end of period, | 2.87 | 3.15 | 2.59 |
| non-diluted, EUR | | | |
--------------------------------------------------------------------------------
| Number of shares (weighted | 108,697,32 | 108,697,890 | 108,697,750 |
| average), diluted | 8 | | |
--------------------------------------------------------------------------------
| Number of shares (weighted | 108,697,32 | 108,697,890 | 108,697,750 |
| average), non-diluted | 8 | | |
--------------------------------------------------------------------------------
| Number of shares (end of period), | 108,697,32 | 108,697,328 | 108,697,328 |
| diluted | 8 | | |
--------------------------------------------------------------------------------
| Number of shares (end of period), | 108,697,32 | 108,697,328 | 108,697,328 |
| non-diluted | 8 | | |
--------------------------------------------------------------------------------
SEGMENT INFORMATION
Segment information is presented according to the IFRS standards. Items below
EBIT (financial items and taxes) are not allocated to the segments.
--------------------------------------------------------------------------------
| Net sales | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 95.5 | 115.1 | 153.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 8.2 | 0.5 | 0.5 |
--------------------------------------------------------------------------------
| Sweden | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 95.0 | 129.2 | 171.3 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.4 | - | 0.1 |
--------------------------------------------------------------------------------
| Norway | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 80.6 | 112.4 | 145.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | - | - | 0.1 |
--------------------------------------------------------------------------------
| Denmark | | |
--------------------------------------------------------------------------------
| - Net sales (external) | 31.1 | 42.7 | 57.8 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 2.3 | - | 1.3 |
--------------------------------------------------------------------------------
| Europe East | |
--------------------------------------------------------------------------------
| - Net sales (external) | 26.2 | 66.1 | 85.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 14.0 | 2.9 | 4.0 |
--------------------------------------------------------------------------------
| Europe Central | |
--------------------------------------------------------------------------------
| - Net sales (external) | 47.9 | 64.7 | 87.9 |
--------------------------------------------------------------------------------
| - Inter-segment sales | 0.7 | 0.4 | 0.8 |
--------------------------------------------------------------------------------
| Elimination of sales between segments | -25.6 | -3.8 | -6.7 |
--------------------------------------------------------------------------------
| Net sales, total | 376.3 | 530.1 | 702.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 1.7 | 3.3 | 3.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
| Finland | 12.1 | 27.6 | 30.5 |
--------------------------------------------------------------------------------
| % of net sales | 11.6% | 23.9% | 19.8% |
--------------------------------------------------------------------------------
| Sweden | 16.6 | 28.2 | 29.9 |
--------------------------------------------------------------------------------
| % of net sales | 17.4% | 21.8% | 17.4% |
--------------------------------------------------------------------------------
| Norway | 8.2 | 20.9 | 15.1 |
--------------------------------------------------------------------------------
| % of net sales | 10.1% | 18.6% | 10.4% |
--------------------------------------------------------------------------------
| Denmark | 0.1 | 3.1 | 0.7 |
--------------------------------------------------------------------------------
| % of net sales | 0.2% | 7.4% | 1.1% |
--------------------------------------------------------------------------------
| Europe East | -8.6 | 11.5 | -1.4 |
--------------------------------------------------------------------------------
| % of net sales | -21.4% | 16.6% | -1.5% |
--------------------------------------------------------------------------------
| Europe Central | 3.8 | 8.2 | 8.4 |
--------------------------------------------------------------------------------
| % of net sales | 7.9% | 12.6% | 9.5% |
--------------------------------------------------------------------------------
| Net items not allocated to operating | 0.3 | -0.1 | -3.5 |
| segments | | | |
--------------------------------------------------------------------------------
| Group operating profit | 32.4 | 99.4 | 79.7 |
--------------------------------------------------------------------------------
| % of net sales | 8.6% | 18.8% | 11.3% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation, amortisation and impairment charges |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 11.8 | 11.4 | 16.7 |
--------------------------------------------------------------------------------
| Sweden | 15.0 | 17.6 | 24.8 |
--------------------------------------------------------------------------------
| Norway | 14.8 | 14.2 | 18.4 |
--------------------------------------------------------------------------------
| Denmark | 6.5 | 6.4 | 8.5 |
--------------------------------------------------------------------------------
| Europe East | 12.8 | 13.8 | 25.6 |
--------------------------------------------------------------------------------
| Europe Central | 10.6 | 9.5 | 15.2 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | -0.1 | -0.1 | -0.1 |
--------------------------------------------------------------------------------
| Total | 71.3 | 72.9 | 109.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reconciliation of Group operating | |
| profit to profit before taxes: | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Group operating profit | 32.4 | 99.4 | 79.7 | |
--------------------------------------------------------------------------------
| Unallocated items: | | |
--------------------------------------------------------------------------------
| Financial income | 14.1 | 9.3 | 22.7 | |
--------------------------------------------------------------------------------
| Financial expenses | -26.6 | -25.2 | -51.7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes | 19.9 | 83.5 | 50.7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital expenditure | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
| Finland | 8.1 | 26.0 | 28.9 |
--------------------------------------------------------------------------------
| Sweden | 2.1 | 36.5 | 34.7 |
--------------------------------------------------------------------------------
| Norway | 3.4 | 27.0 | 25.1 |
--------------------------------------------------------------------------------
| Denmark | 1.0 | 12.7 | 13.1 |
--------------------------------------------------------------------------------
| Europe East | 0.6 | 40.2 | 40.6 |
--------------------------------------------------------------------------------
| Europe Central | 11.6 | 65.1 | 64.3 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | -16.9 | -3.0 | -5.4 |
--------------------------------------------------------------------------------
| Total | 10.0 | 204.5 | 201.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets allocated to segments | |
--------------------------------------------------------------------------------
| (EUR million) | 1-9/09 | 1-9/08 | 1-12/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 145.5 | 158.6 | 144.6 |
--------------------------------------------------------------------------------
| Sweden | 156.7 | 192.2 | 163.7 |
--------------------------------------------------------------------------------
| Norway | 142.7 | 167.1 | 137.1 |
--------------------------------------------------------------------------------
| Denmark | 54.4 | 73.7 | 67.3 |
--------------------------------------------------------------------------------
| Europe East | 104.9 | 167.6 | 139.6 |
--------------------------------------------------------------------------------
| Europe Central | 124.9 | 157.1 | 133.4 |
--------------------------------------------------------------------------------
| Unallocated items and eliminations | -39.9 | -39.3 | -33.0 |
--------------------------------------------------------------------------------
| Total | 689.6 | 877.0 | 752.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in non-current | | | | |
| assets | | | | |
--------------------------------------------------------------------------------
| EUR 1000 | | | | |
--------------------------------------------------------------------------------
| | 30.9.2009 | 30.9.200 | 31.12.2008 | |
| | | 8 | | |
--------------------------------------------------------------------------------
| Opening balance | 623,242 | 584,837 | 585,539 | |
--------------------------------------------------------------------------------
| Depreciation | -71,307 | -72,876 | -109,107 | |
--------------------------------------------------------------------------------
| Additions: | | | | |
--------------------------------------------------------------------------------
| Machinery & Equipment | 8,463 | 168,867 | 164,803 | |
--------------------------------------------------------------------------------
| Other Additions | 1,548 | 3,354 | 3,417 | |
--------------------------------------------------------------------------------
| Acquired group companies | - | 32,269 | 33,039 | |
--------------------------------------------------------------------------------
| Disposals (sales) | -8,280 | -11,302 | -13,479 | |
--------------------------------------------------------------------------------
| Other * | 15,939 | -2,225 | -40,969 | |
--------------------------------------------------------------------------------
| Closing balance | 569,605 | 702,924 | 623,242 | |
--------------------------------------------------------------------------------
| Non-current assets held | 476 | 558 | 558 | |
| for sale | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | * Other includes translation differences, reclassifications, changes in |
| | estimated consideration for acquisitions |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COMMITMENTS AND CONTINGENT LIABILITIES | |
--------------------------------------------------------------------------------
| (EUR million) | 30.9.2009 | 30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Real estate mortgages | - | 0.2 | 0.2 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which the | - | 0.1 | 0.1 |
| above collateral is given | | | |
--------------------------------------------------------------------------------
| Floating charges | - | 1.9 | 1.7 |
--------------------------------------------------------------------------------
| Other pledged assets | 4.7 | - | 4.4 |
--------------------------------------------------------------------------------
| Interest-bearing debt for which the | 4.7 | 0.2 | 4.4 |
| above collateral is given | | | |
--------------------------------------------------------------------------------
| Suretyships | 2.7 | 3.3 | 3.0 |
--------------------------------------------------------------------------------
| Committed investments in non-current | 0.1 | 7.9 | 0.2 |
| assets | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 147.4 | 156.1 | 169.2 |
| operating lease payments | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future | 0.3 | 1.6 | 0.9 |
| finance lease payments | | | |
--------------------------------------------------------------------------------
| Finance lease debt in the balance | -0.3 | -1.5 | -0.9 |
| sheet | | | |
--------------------------------------------------------------------------------
| Non-cancellable minimum future lease | 147.4 | 156.2 | 169.2 |
| payments off-balance sheet | | | |
--------------------------------------------------------------------------------
| Obligations arising from derivative | |
| instruments: | |
--------------------------------------------------------------------------------
| Nominal value of underlying object | 165.6 | 121.0 | 118.2 |
--------------------------------------------------------------------------------
| Fair value of the derivative | -4.4 | 0.2 | -4.1 |
| instruments | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY SEGMENT | | | | | | |
| INFORMATION | | | | | | |
--------------------------------------------------------------------------------
| (EUR million) | | | | | | | |
--------------------------------------------------------------------------------
| Net sales | 7-9/0 | 4-6/0 | 1-3/0 | 7-9/0 | 4-6/08 | 1-3/08 | 1-12/08 |
| | 9 | 9 | 9 | 8 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 41.2 | 33.8 | 28.7 | 42.9 | 39.3 | 33.4 | 154.4 |
--------------------------------------------------------------------------------
| Sweden | 30.8 | 32.6 | 32.0 | 42.1 | 45.4 | 41.7 | 171.4 |
--------------------------------------------------------------------------------
| Norway | 26.5 | 25.2 | 28.9 | 36.8 | 38.5 | 37.1 | 145.9 |
--------------------------------------------------------------------------------
| Denmark | 10.5 | 11.6 | 11.3 | 14.0 | 15.0 | 13.7 | 59.0 |
--------------------------------------------------------------------------------
| Europe East | 18.9 | 12.0 | 9.3 | 25.6 | 23.4 | 20.0 | 89.9 |
--------------------------------------------------------------------------------
| Europe Central | 18.2 | 16.3 | 14.1 | 27.4 | 21.0 | 16.6 | 88.7 |
--------------------------------------------------------------------------------
| Sales between | -16.6 | -6.9 | -2.1 | -1.5 | -1.8 | -0.5 | -6.7 |
| segments | | | | | | | |
--------------------------------------------------------------------------------
| Net sales, total | 129.5 | 124.6 | 122.2 | 187.2 | 180.8 | 162.1 | 702.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 7-9/0 | 4-6/0 | 1-3/0 | 7-9/0 | 4-6/08 | 1-3/08 | 1-12/08 |
| | 9 | 9 | 9 | 8 | | | |
--------------------------------------------------------------------------------
| Operating profit | | | | | | | |
--------------------------------------------------------------------------------
| Finland | 6.3 | 4.9 | 0.9 | 11.3 | 9.8 | 6.5 | 30.5 |
--------------------------------------------------------------------------------
| % of net sales | 15.3% | 14.4% | 3.1% | 26.3% | 25.0% | 19.6% | 19.8% |
--------------------------------------------------------------------------------
| Sweden | 4.4 | 6.9 | 5.3 | 8.9 | 10.3 | 9.0 | 29.9 |
--------------------------------------------------------------------------------
| % of net sales | 14.3% | 21.1% | 16.6% | 21.0% | 22.6% | 21.7% | 17.4% |
--------------------------------------------------------------------------------
| Norway | 2.3 | 3.4 | 2.5 | 6.2 | 7.8 | 6.9 | 15.1 |
--------------------------------------------------------------------------------
| % of net sales | 8.6% | 13.4% | 8.7% | 16.8% | 20.4% | 18.6% | 10.4% |
--------------------------------------------------------------------------------
| Denmark | -0.3 | 0.4 | -0.1 | 0.7 | 1.7 | 0.8 | 0.7 |
--------------------------------------------------------------------------------
| % of net sales | -2.8% | 3.6% | -0.6% | 4.7% | 11.2% | 5.9% | 1.1% |
--------------------------------------------------------------------------------
| Europe East | -2.0 | -3.3 | -3.3 | 3.6 | 3.7 | 4.1 | -1.4 |
--------------------------------------------------------------------------------
| % of net sales | -10.4 | -27.4 | -35.8 | 14.1% | 16.0% | 20.6% | -1.5% |
| | % | % | % | | | | |
--------------------------------------------------------------------------------
| Europe Central | 1.6 | 1.6 | 0.7 | 4.7 | 2 | 1.5 | 8.4 |
--------------------------------------------------------------------------------
| % of net sales | 8.6% | 9.5% | 5.1% | 17.2% | 9.3% | 9.2% | 9.5% |
--------------------------------------------------------------------------------
| Operating profit | -0.6 | -0.4 | 1.2 | -0.8 | 0.2 | 0.6 | -3.5 |
| not allocated to | | | | | | | |
| segments | | | | | | | |
--------------------------------------------------------------------------------
| Group operating | 11.7 | 13.5 | 7.2 | 34.4 | 35.5 | 29.5 | 79.7 |
| profit | | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 9.0% | 10.8% | 5.9% | 18.4% | 19.6% | 18.2% | 11.3% |
--------------------------------------------------------------------------------
Ramirent has borrowing facilities which have equity ratio, leverage ratio and
other financial covenants. Ramirent's financial ratios are better than these
covenants.
During the review period Ramirent has made no transactions with its related
parties as defined in the Companies' Act, except for acquiring consultancy
services from Nordstjernan AB at the amount of EUR 0.2 million. There are no
outstanding balances between the Company and its related parties at the end of
the review period.
There are no pending legal cases, the impact of which could have a material
effect on the figures reported in this interim report.
ANALYST AND PRESS BRIEFING, WEBCAST AND CONFERENCE CALL
A briefing for investment analysts and the press will be arranged on Wednesday,
11 November 2009 at 11.00 a.m. (EET) at Scandic Marski, cabinet Carl (visiting
address: Mannerheimintie 10, Helsinki). You can also participate in the briefing
through a live webcast at www.ramirent.com and conference call. Dial-in number:
+44 (0)20 7162 0025 and conference ID code 848167. A recording of the webcast
will be available at www.ramirent.com later the same day.
FINANCIAL CALENDAR 2010
Ramirent observes a silent period during the three-week period prior to
publication of annual and interim financial results.
2009 Full Year Results 12 February 2010 at 9:00 a.m.
Annual Report 2009 week 9
Annual General Meeting 29 March 2010
Interim report January-March 6 May 2010 at 9:00 a.m.
Interim report January-June 11 August 2010 at 9:00 a.m.
Interim report January-September 4 November 2010 at 9:00 a.m.
The financial information in this stock exchange release has not been audited.
Vantaa, 11 November 2009
RAMIRENT PLC
Board of Directors
FURTHER INFORMATION:
CEO Magnus Rosén tel. +358 20 750 2845, magnus.rosen@ramirent.com
Interim CFO Jonas Söderkvist tel. +46 7057 85064, jonas.soderkvist@ramirent.com
IR Franciska Janzon tel. +358 20 750 2859, franciska.janzon@ramirent.com
DISTRIBUTION:
NASDAQ OMX Helsinki
Main news media
www.ramirent.com
Ramirent is the leading machinery rental company in the Nordic countries and in
Central and Eastern Europe. The Group has 3,200 employees at some 340 permanent
outlets in thirteen countries. In 2008, Group net sales totalled EUR 703
million. Ramirent is listed on the NASDAQ OMX Helsinki.
